Aussie CEDA director takes NZ role

Prominent Australian company director Lynn Wood has been appointed to New Zealand's new External Reporting Board, which supersedes the Accounting Standards Review Board from next month.

Ms Wood, an experienced company director with several board appointments on her CV, is also chair of the Australian Financial Reporting Council and director of the Committee for Economic Development in Australia (CEDA).

The new NZ board, which has a much broader range of powers than the body it replaces, will be responsible for all aspects of financial reporting and for setting standards for accounting and auditing from July 1.

Commerce Minister Simon Power said trans-Tasman appointments played a key role in developing a seamless business environment between Australia and New Zealand.

"Cross-appointments have been an important feature on these boards since 2005 and have had a major impact on the co-ordination of financial reporting strategy," he said.

Mr Power has previously announced the new board would be chaired by current Accounting Standards Review Board chairman Kevin Simpkins.

Along with Ms Wood, the new board comprises five members from the previous body and two new appointments.